CleanSpark (CLSK) Loses 10% on Investor Pessimism

We recently published Market Shockers: 10 Stocks Collapse by Double Digits. CleanSpark, Inc. (NASDAQ:CLSK) is one of the best performers on Wednesday.

CleanSpark dropped for a second day on Wednesday, shedding 10.18 percent to close at $16.86 apiece as investors trimmed exposure from renewed geopolitical tensions between the US and China.

CleanSpark, Inc. (NASDAQ:CLSK) declined alongside its counterparts, namely Cipher Mining, BitFarms, and Hut 8 Corp., mirroring Bitcoin’s drop to the $107,000 territory.

Overall market sentiment weakened after President Donald Trump’s announcement that he would impose export curbs to China made with US software.

According to a report by Reuters, the restrictions would impact a broad range of goods including laptops and jet engines, among others.

The retaliation followed Beijing’s newly imposed policy to curb exports of rare earth products, with foreign entities now required to obtain export licenses.

Tensions aside, CleanSpark, Inc. (NASDAQ:CLSK) earlier this week announced progress on its diversification program, with the appointment of Jeffrey Thomas as senior vice president for AI Data Centers.

Thomas brings more than four decades of global experience in emerging technologies and data center infrastructure development, and would support CleanSpark, Inc.’s (NASDAQ:CLSK) goal of expanding into AI servicing.

While we acknowledge the potential of CLSK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.